Qantas Airways Ltd
QAN: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$4.10 | Xqx | Xshhsrpmh |
Qantas Earnings: Conditions Have Normalized
Air travel conditions have normalized. Pent-up demand has exhausted, previously constrained industry capacity has eased, and price competition has returned. Qantas’ underlying profit before tax declined 16% to AUD 2.1 billion—about 3% above our forecast. We maintain our AUD 6.10 fair value estimate, and at current prices, shares in Qantas screen as slightly overvalued.